Finance & Investing | Debt | Financial Trouble | Capital Markets
Struggling Connacher Enters Second Forbearance Agreement
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Connacher Oil and Gas Limited announced that it has entered into a second forbearance agreement with Wilmington Trust, National Association, as successor administrative agent and certain lenders constituting the "Required Lenders" under the Credit Agreement in respect of US$153.8 million of loans made by the lenders under the Credit Agreement.
The Second Forbearance Agreement extends the forbearance period until May 16, 2016.
Connacher Assets:
The Company continues to pursue its previously disclosed process to investigate, evaluate and consider possible financing and restructuring alternatives available to the Company, which is being carried out by a special committee of its Board of Directors. The Company does not intend to comment further regarding the review process unless a specific transaction or other alternative is approved by the Board of Directors, the review process is concluded or it is otherwise determined that further disclosure is appropriate or required by law.
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